Posted on: 29th Jan, 2009 04:39 pm
If my mortgage company declines to modify my loan, and I decide to go the short sale route:
Do I need permission from the lender before I attempt a short sale ?
Geberally, how long does a lender allow you to remain in your home while you attempt a short sale - given the fact that the mortgage payments are already 3 months behind ?
What is the nornal procedure for a short sale ?
Do I need permission from the lender before I attempt a short sale ?
Geberally, how long does a lender allow you to remain in your home while you attempt a short sale - given the fact that the mortgage payments are already 3 months behind ?
What is the nornal procedure for a short sale ?
Yes you need approval, other wise you would not sell the property without paying off the note in full.
Hi Guest,
You will have to speak to the lender about a short sale. For this, you will have to write a hardship letter to the lender. You will have to leave the property once it is sold. The lender and the new owner of the property may give you a 3 day notice period to leave the house.
In a short sale, you will have to transfer the property to the lender who will in turn sell off the property to recover the debts. There are chances, that there will be a deficient amount from the sale of the property. You will have to pay this deficient amount to the lender. To know how short sale affects credit score, check out the following link:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
Thanks
You will have to speak to the lender about a short sale. For this, you will have to write a hardship letter to the lender. You will have to leave the property once it is sold. The lender and the new owner of the property may give you a 3 day notice period to leave the house.
In a short sale, you will have to transfer the property to the lender who will in turn sell off the property to recover the debts. There are chances, that there will be a deficient amount from the sale of the property. You will have to pay this deficient amount to the lender. To know how short sale affects credit score, check out the following link:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
Thanks
